A personal, guided tour to the best scoops and stories every day in The Wall Street Journal, from Editor in Chief Gerard Baker.

Not everything goes as planned. The U.S. Federal Reserve announced its first increase in policy interest rates in nearly a decade on Wednesday, but broader market forces have since conspired to drive other U.S. rates down. Yields on Treasurys fell as demand from investors drove prices higher. The Fed’s decision has also added pressure to commodities markets, and global stocks fell this morning as an earlier rally showed signs of fading. Central banks around the world had mixed reactions to...